A boat navigates the Suez Canal in Ismailia province, Egypt, May 17, 2022. (Xinhua/Sui Xiankai)
Egypt’s Suez Canal had a record revenue of $7.932 billion in 2022, the chairman of the Suez Canal Authority (SCA) announced on Monday.
(XINHUA) – CAIRO, DEC 19 – Egypt’s Suez Canal had a record revenue of US$7.932 billion in 2022, the chairman of the Suez Canal Authority (SCA) announced on Monday.
“2022 revenues are the highest in the history of the SCA,” Ossama Rabie said during a public session of the Egyptian parliament. Revenue for 2021 was $6.333 billion.
More than 23,000 ships carrying 1.4 billion tons of cargo passed through the canal in 2022, up from 21,700 ships a year earlier, he said.
Wael Qaddour, the former vice president of the SCA, attributed the record revenue to strong demand for oil, the seaborne energy transport that relies heavily on the canal.
Qaddour expects revenues to continue to grow in the coming years, with transit fares increasing by 10-15% starting in January 2023.
The Suez Canal is a major source of Egypt’s national revenues and foreign exchange reserves.
About 12% of the world’s trade volume passes through this artificial waterway that connects the Red Sea and the Mediterranean Sea, and is considered the busiest and fastest crossing point between Africa, Asia and Europe .
